Do cultural industries have an impact on sustainable development in EU countries?

Abstract

The importance of culture industries stems from their impact not only on economic growth, but also on social development, which translates into quality of life. The aim of this study is to demonstrate the impact of culture industries on sustainable development in EU countries. The study presents the Authors’ approach to the Culture Industries Index (CI) and the Sustainable Development Index (SD). The basis for the creation of the presented measurable indices was data taking into account the years 2010–2020. The analytical objective was achieved by applying two separate methods of multiple regression: panel regression with random effects and OLS regression performed on the first differences of the respective variables. The analyses conducted in the study show that the selected components comprising the Culture Industries Index (CI) have an impact on sustainable development in the EU countries studied. Thus, it is safe to conclude that culture industries could develop and generate added value if the favourable socio-economic conditions are created in the countries studied. The results of the study have made it possible to provide recommendations for the EU countries indicating to what extent and in which areas they must consistently take action to create favourable conditions for the development of culture industries and their impact on sustainable development.